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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
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  "authorName": "Nelson Peltz",
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  "notes": "Uses two distinct valuation-style build-ups to extrapolate corporate cost savings.",
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      "text": "There is a $229m difference between the 2011 Adjusted EBITDA reported by Axalta and DuPont, for its Coatings business (same company, same year). We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont’s businesses",
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      "text": "There is a $229m difference between the 2011 Adjusted EBITDA reported by Axalta and DuPont, for its Coatings business. We believe much of the difference is excess corporate expense.\nTrian estimates excess corporate costs using two approaches:",
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      "text": "Source: Axalta Coatings Systems Ltd. Form S-1 filed on 8/20/14, Trian estimates, and DuPont SEC Filings. (1)-(5) Footnotes detailing adjustments.",
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